IRISL Linked to Three Tankers at Sadra

Illustration. Image Courtesy of Shaah Shahidh on Unsplash.

Islamic Republic of Iran Shipping Lines (IRISL) was tied to an order for three 113,000 dwt tankers at compatriot shipbuilder Iran Marine Industrial Company (SADRA), according to Intermodal shipbroking report.

The newbuilds are said to be scheduled for delivery in 2020. Further details about the price and specifications of the ships were not disclosed.

The rumor emerged ahead of the entrance into force of U.S. sanctions against Iran affecting the country’s shipping, shipbuilding and port sectors. The new wave of sanctions follows the 180-day wind-down period set to end on November 4, 2018.

There is still uncertainty over the sanctions’ actual impact on Iran’s oil production as the US recently signaled that it would consider giving waivers on Iranian oil. Iran’s oil production declined to 3.63 mbpd in August 2018 from 3.81 mbpd at the beginning of the year, Drewry‘s data shows.

On the other hand, the European Union, China and Russia voiced their intentions to keep their trade relations with Iran despite the recent withdrawal of the United States from the nuclear deal.

The parties said that they were working on concrete measures to secure payment channels with Iran, and continue Iran’s export of oil and gas condensate, petroleum products and petrochemicals.

To that end, it has been proposed to establish a Special Purpose Vehicle, to facilitate payments related to Iran’s exports, including oil, and imports.